Wolfspeed (NYSE:WOLF) Trading 5.8% Higher – Should You Buy?

Wolfspeed, Inc. (NYSE:WOLF) traded up 5.8% during trading on Thursday . The company traded as high as $28.50 and last traded at $29.3560. 528,178 shares traded hands during trading, a decline of 73% from the average session volume of 1,947,861 shares. The stock had previously closed at $27.75.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Piper Sandler reiterated an “overweight” rating and set a $20.00 price objective (up from $6.00) on shares of Wolfspeed in a research note on Thursday, February 5th. Susquehanna reduced their target price on shares of Wolfspeed from $30.00 to $20.00 and set a “neutral” rating for the company in a report on Thursday, January 22nd. Zacks Research upgraded shares of Wolfspeed to a “hold” rating in a report on Monday, February 9th. Wall Street Zen cut shares of Wolfspeed from a “hold” rating to a “sell” rating in a report on Saturday, February 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Wolfspeed in a report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $14.33.

Wolfspeed Price Performance

The stock has a market capitalization of $1.30 billion and a P/E ratio of -4.09. The stock’s fifty day moving average is $19.43 and its two-hundred day moving average is $20.61.

Wolfspeed (NYSE:WOLF) last posted its quarterly earnings data on Wednesday, January 28th. The company reported ($6.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.74) by ($5.37). During the same period in the previous year, the business earned ($0.95) EPS. The business’s quarterly revenue was down 6.6% compared to the same quarter last year.

Hedge Funds Weigh In On Wolfspeed

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WOLF. Goldman Sachs Group Inc. boosted its stake in Wolfspeed by 176.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,380,499 shares of the company’s stock worth $4,224,000 after purchasing an additional 881,603 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Wolfspeed by 94.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,868,741 shares of the company’s stock worth $5,718,000 after purchasing an additional 906,968 shares during the period. WINTON GROUP Ltd acquired a new position in Wolfspeed in the 2nd quarter worth approximately $47,000. Ilex Capital Partners UK LLP boosted its stake in Wolfspeed by 499.1% in the 2nd quarter. Ilex Capital Partners UK LLP now owns 665,697 shares of the company’s stock worth $265,000 after purchasing an additional 554,587 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Wolfspeed in the 2nd quarter worth approximately $34,000.

About Wolfspeed

Wolfspeed, Inc (NYSE: WOLF) is a leading developer and manufacturer of silicon carbide (SiC) and gallium nitride (GaN) semiconductor materials and devices. The company’s product portfolio addresses high-growth markets such as electric vehicles, renewable energy, fast-charging infrastructure, aerospace and defense, and telecommunications. By leveraging proprietary materials and device designs, Wolfspeed delivers solutions that offer improved energy efficiency, higher power density and greater thermal performance compared to conventional silicon-based semiconductors.

Founded as part of Cree, Inc and spun off to form an independent public company in October 2021, Wolfspeed traces its roots to the mid-1980s when it pioneered the commercial use of wide-bandgap semiconductor technology.